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Tushar Sharma DFT 10 M n M 3/5/2012


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This project has been made possible through the direct and indirect co-operation of various people. For whom I wish to express my appreciation and gratitude. I would like to extent my sense of gratitude to faculty of FDDI for their encouragement Mrs. PRACHI SHARMA I express my deep sense of thankful to the various source both known and unknown for where I obtained information help, cooperation and support carrying out and completing this project.


Industry Retailer


Leeds, West Yorkshire, England (1884)


Michael Marks Thomas Spencer


City of Westminster, London, England

Number of locations

1010 stores (2010)

Area served


Key people

Robert Swannell (Chairman) Marc Bolland (Chief Executive)


9.7 billion (2011)

Operating income

836.0 million (2011)


598.0 million (2010)


78000 (2011)supplires 2000



IntroductionMarks & Spencer Reliance India Pvt. Ltd. M&S are one of the UKs leading retailers, with over 21 million people visiting our stores each week. We offer stylish, high quality, great value clothing and home products, as well as outstanding quality foods, responsibly sourced from around 2,000 suppliers globally. We employ over 75,000 people in the UK and abroad, and have over 600 UK stores, plus an expanding international business. We are the number one provider of womenswear and lingerie in the UK, and are rapidly growing our market share in menswear, kidswear and home, due in part to our growing online business. Overall, our clothing and homeware sales account for 49% of our business. The other 51% of our business is in food, where we sell everything from fresh produce and groceries, to partlyprepared meals and ready meals. Now more than ever, were also known for our green credentials as a result of our five-year eco plan, Plan A, which will see us, amongst other things, become carbon neutral and send no waste to landfill by 2012

Marks and Spencer plc (also known as M&S) is a British retailer headquartered in the City of Westminster, London, with over 700 stores in the United Kingdom and over 300 stores spread across more than 40 countries. It specialises in the selling of clothing and luxury food products. M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds In 1998, it became the first British retailer to make a pre-tax profit of over 1 billion, though a few years later it plunged into a crisis which lasted for several years. In November 2009, it was announced that Marc Bolland, formerly of Morrisons, would take over as chief executive from Executive Chairman Stuart Rose in early 2010; Rose remained in the role of non-executive Chairman until he was replaced by Robert Swannell in January 2011. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. The company was founded by a partnership between Michael Marks, a Litvak Jew from Slonim, Poland (now in Belarus), and Thomas Spencer, a cashier from Yorkshire. On his arrival in England, Marks worked for a company in Leeds, called Barran, which employed refugees (see Sir John Barran, 1st Baronet). In 1884 he met Isaac Dewhurst, the owner of a Leeds warehouse, which resulted in him opening his own stall on Kirkgate Market, in Leeds. The next few years saw Michael Marks open market stalls in many locations around the North West of England. In 1894, Thomas Spencer invested in Marks' activities and they opened their first store, in partnership, at 20, Cheetham Hill Road, Manchester. Marks and Spencer, known colloquially as "Marks and Sparks", "Markies", or "M&S", made its reputation in the early 20th century on a policy of only selling British-made goods (a policy eventually discontinued in 2002). It entered into long term relationships with British manufacturers, and sold clothes and food under the "St Michael" brand, that was introduced 1928). The St Michael honours Michael Marks. It also accepted the return of unwanted items, giving a full cash refund if the receipt was shown, no matter how long ago the product was purchased, which was unusual for the time.It adopted a 90-day returns policy in 2005 but on 12 April 2009 the refund policy changed once again to 35 days.

M&S staff raised 5,000 money to pay for a Spitfire fighter called The Marksman in 1941 Marks & Spencer launched an online shopping service in 1999. In 2001, with changes in its business focus such as accepting credit cards, the introduction of the "Per Una" clothing range designed by George Davies, accompanied by a redesign of its underlying business model, profits recovered somewhat and M&S recovered some of its market share, but it was soon evident that problems remained. In February 2007, M&S announced the opening of the world's largest M&S shop outside the UK at Dubai Festival City. M&S is currently ranked 21 in The Times' "Top 100 Graduate Employers 201011". On 2 October 2008, M&S opened its first mainland China shop in Shanghai. Problems with the supply chain for the first few months of opening led Stuart Rose, M&S chairman, to describe failures in "basic shop keeping". The up market Zandra Rhodes collection, modeled and made by the British fashion designer Zandra Rhodes, CBE/RDI was introduced in to the bigger shops by late 2009, but was discontinued in early 2010. A 2010 business audit revealed that Per Una was a rather successful and popular brand, as was the new children's Plus Fit and 'Living the dream' lines.

POSTIONING 2010/11 was another challenging year for retailers and consumer condence remained fragile. Following a sharp slowdown and then recovery during 2009, condence levels have uctuated over the last 12 months, as illustrated in the index opposite. This fragility was driven by a prevailingsense of uncertainty. As we moved towards 2011, consumers became increasingly cautious about the economic outlook as they considered the potential implications of the new Governments spending cuts, VAT increases and risingfuel prices.Our Consumer Barometer showsoptimism is more buoyant, with consumers showing a determination tostay positive in the face of adversity.Though the Governments austerity measures were widely anticipated and, in the main viewed as necessary, consumersreacted differently according to age. Mid age groups felt their budgets have been most squeezed, with families feeling there was little room left for manoeuvre.

Statement of financial position

Notes Assets Non-current assets Intangible assets Property, plant and equipment Investment property Investment in joint ventures Other financial assets Retirement benefit asset Trade and other receivables Derivative financial instruments Deferred tax assets 14 15 16 17 18 11 19 23 25

As at 2 April 2011 m

As at 3 April 2010 m

527.7 4,662.2 16.0 13.0 3.0 182.6 276.1 21.8 5,702.4

452.8 4,722.0 22.4 11.5 3.0 287.7 132.9 0.7 5,633.0

Current assets Inventories Other financial assets Trade and other receivables Derivative financial instruments Current tax receivable Cash and cash equivalents 20 18 19 23 685.3 215.9 250.3 18.4 1.6 470.2 613.2 171.7 281.4 48.1 405.8

1,641.7 Total assets Liabilities Current liabilities Trade and other payables Borrowings and other financial liabilities Partnership liability to the Marks & Spencer UK Pension Scheme Derivative financial instruments Provisions Current tax liabilities 21 22 12 23 24 1,347.6 602.3 71.9 50.7 22.7 115.0 2,210.2 Non-current liabilities Retirement benefit deficit Trade and other payables Borrowings and other financial liabilities Derivative financial instruments Provisions Deferred tax liabilities 11 21 22 23 24 25 14.1 262.3 1,924.1 37.5 22.0 196.5 2,456.5 Total liabilities Net assets Equity 4,666.7 2,677.4 7,344.1

1,520.2 7,153.2

1,153.8 482.9 71.9 27.1 25.6 129.2 1,890.5

366.5 280.3 2,278.0 25.5 126.5 3,076.8 4,967.3 2,185.9

Called-up share capital Share premium account Capital redemption reserve Hedging reserve Other reserve Retained earnings Total shareholders equity Non-controlling interests in equity Total equity


396.2 255.2 2,202.6 (11.3) (6,042.4) 5,873.2 2,673.5 3.9 2,677.4

395.5 247.5 2,202.6 11.6 (5,970.5) 5,281.9 2,168.6 17.3 2,185.9

The financial statements were approved by the Board and authorised for issue on 23 May 2011. The financial statements also comprise the notes to the financial statements. Marc Bolland Chief Executive Officer Alan Stewart Chief Finance Officer



2011 52 weeks m Income statement Revenue1 UK International 8,733.0 1,007.3 9,740.3 Operating profit1 UK International Total operating profit 679.0 157.9 836.9

2010 53 weeks m

2009 52 weeks m

2008 52 weeks m

2007 52 weeks m

8,567.9 968.7 9,536.6

8,164.3 897.8 9,062.1

8,309.1 712.9 9,022.0

7,977.5 610.6 8,588.1

701.1 150.9 852.0

755.0 115.7 870.7

1,095.9 115.4 1,211.3

956.7 89.2 1,045.9

Net interest payable Pension finance income Profit on ordinary activities before taxation continuing operations

(93.9) 37.6 780.6

(160.1) 10.8 702.7

(199.9) 35.4 706.2

(141.1) 58.9 1,129.1

(130.0) 20.8 936.7

Analysed between: Underlying profit before tax Adjustments to reported profit Income tax expense 714.3 66.3 (182.0) 694.6 8.1 (179.7) 604.4 101.8 (199.4) 1,007.1 122.0 (308.1) 965.2 (28.5) (277.5)


Profit after taxation

598.6 2011 52 weeks

523.0 2010 53 weeks 8.9%

506.8 2009 52 weeks 9.6%

821.0 2008 52 weeks 13.4%

659.2 2007 52 weeks 12.2%

Net margin1

Operating profit/ Revenue


Net underlying operating margin Basic earnings per share1 Basic earnings/ Weighted average ordinary shares in issue Underlying basic earnings per share1 Dividend per share declared in respect of the year Dividend cover Profit attributable to shareholders/ Dividend payable Operating profit before depreciation and operating lease charges/ Fixed charges Net debt2 (m)

8.5% 38.8p

8.8% 33.5p

8.5% 32.3p

12.1% 49.2p

12.2% 39.1p






17.0p 2.3x

15.0p 2.2x

17.8p 1.8x

22.5p 2.3x

18.3p 2.1x

Retail fixed charge cover












Financial result As audited the financial statements of Marks and Spencer Group plc for the year ended 2 April 2011 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Position, the Consolidated Statement of Changes in Equity and Company Statement of Changes in Shareholders Equity, the Consolidated and Company Statement of Cash Flows, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. Respective responsibilities of directors and auditors As explained more fully in the Directors Responsibilities Statement set out in Other disclosures, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Boards Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Companys members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Groups and the parent companys circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual report and financial statements 2011 to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In the opinion the financial statements: give a true and fair view of the state of the Groups and of the parent companys affairs as at 2 April 2011 and of the Groups profit and Groups and parent companys cash flows for the year then ended; have been properly prepared in accordance with IFRSs as adopted by the European Union; have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the lAS Regulation.


Opinion on other matters prescribed by the Companies Act 2006 In our opinion: the part of the Remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006; the information given in the Directors report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following: Under the Companies Act 2006 we are required to report to you if, in our opinion: adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or the parent company financial statements and the part of the Remuneration report to be audited are not in agreement with the accounting records and returns; or certain disclosures of directors remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or Under the Listing Rules we are required to review: the directors statement, in relation to going concern; the parts of the Corporate governance statement relating to the Companys compliance with the nine provisions of the June 2008 Combined Code specified for our review; and certain elements of the report to shareholders by the Board on directors remuneration.


RETAIL MIX Core shops M&S core shops typically feature a selection of the company's clothing ranges and a M&S Food hall. The range of clothing sold and the space given to it depends on the location and customer demographic (an example would be that some London shops do not stock the Classic Collection, but stock Limited Collection and a full Autograph range). Most core shop feature a Food hall. All the St Michael Food hall supermarkets were renamed M&S Food hall when Marks & Spencer dropped the St Michael brand in 2000. Each M&S Food hall sells groceries, which are all under the Marks & Spencer brand. However, in 2009 the company began selling a limited range of other brands, such as Coca-Cola and Stella Artois, without reducing the number of M&S goods they sold. This returns to the previous Marks & Spencer practice of selling branded food, before the company become solely-own-brand.

Hospitality Most M&S shops feature some sort of hospitality offering, usually in the form of an M&S Caf. These cafs were formerly known as Caf Revive and many old format stores still brand them as such. The caf offering typically includes coffees and teas (all fairtrade), pastries, toasted sandwiches, soups and cakes. The company also trialled the opening of an Espresso Bar in some outlets, which specialised in drinks only, however these have subsequently been rebranded as M&S Cafs. Many large shops, such as Westfield, White City, Cribbs Causeway and Newcastle-upon-Tyne, also offer other hospitality outlets, such as a modern Deli Bar (champagne, canaps, seafood), Restaurant (table servicethe first of which was opened in Newcastle) M&S Kitchen (traditional home cooking & lunches) or Hot Food To Go (burgers, chips, soups). Many of these outlets are run in conjunction with Compass Group and even in smaller outlets they also partner up to offer ready made baguettes as part of the standard Food To Go offering.

Home Stores In 2007, M&S announced that new, dedicated shops for home furnishings were to be launched. Shops have now been opened in Cheltenham in Gloucestershire, Lisburn in Northern Ireland and in the Barton Square section of The Trafford Centre, Manchester. On 19 November 2009 Aberdeen became the first dedicated homeware outlet in Scotland and the biggest of all the M&S homestores in the UK.

Outlet Shops


As of 2010, M&S have 50 outlet stores and growth expansion plans for future. The Outlet division offers M&S products with the majority of them discounting at least 30% from the original selling price. The first of these stores opened at Ashford in Kent in 2000. Many of the Outlet shops are in locations such as retail parks and outlet centres, though some, including the shop in Woolwich, South London[144] andNewton Abbot, Devon were previously main M&S shops which converted to the Outlet format. Meadow Bank Outlet Store in Edinburgh became the model for all the Marks and Spencer Outlet shop in the early months of 2010. There are now also stores which combine a mainline M&S store and an Outlet store to create a store which offers both the main current full-price M&S ranges and the discounted Outlet ranges: one such store is at the Lewisham Shopping Centre, where the previously-closed upper level of the M&S store was reopened in January 2009 as an Outlet format sub-store;


M&S Simply Food

M&S Simply Food in Wetherby, West Yorkshire M&S is in the middle of a programme to open four hundred Simply Food shop selling predominantly food but with most also carrying a small selection of general merchandise, like birthday cards and pens. The first of the 'Simply Food' shops were in Twickenham and Surbiton. A number of these are run under franchise agreements: Select Service Partner (SSP) runs the stores at mainline railway stations and airports Moto has stores at several of its motorway service stations BP has over 120 forecourts with a Simply Food offering

Orders from M & S account for more than half of Uniq's food product supplies to UK retailers in 2010 after several years service as a major M & S food product supplier.


Product Mix Product mix is a combination of products manufactured or traded by the same business house to reinforce their presence in the market, increase market share and increase the turnover for more profitability. Normally the product mix is within the synergy of other products for a medium size organization. However large groups of Industries may have diversified products within core competency. Larsen & Toubro Ltd, Godrej, Reliance in India are some of the examples. One of the realities of business is that most firms deal with multi-products .This helps a firm diffuse its risk across different product groups/Also it enables the firm to appeal to a much larger group of customers or to different needs of the same customer group .So when Videocon chose to diversify into other consumer durables like music systems ,washing machines and refrigerators ,it sought to satisfy the needs of the middle and upper middle income group of consumers.

Products are:Manswear Womanswear Kidswear Shoes Cosmetics, toiletries and perfumes Home Interior design, kitchen equipment, bedding and furnishing Food and drink Alcohol Gift shop/Christmas gifts and ideas shop

Marketing mix

Change of historic logo During the height of the company's troubles at the beginning of the 21st century, the St Michael brand used as the selling label for all M&S products was discontinued in favour of Marks & Spencer and a new logo in the Optima typeface was introduced and began to appear in place of St Michael on product packaging. The same logo was also rolled out across store fascias and carrier bags. The St Michael name was subsequently adopted as a 'quality guarantee' and appeared as the St Michael Quality Promise on the back of food products, on the side of delivery vehicles and on in-store ordering receipts. This has since been phased out, although the store-ordering receipts given to customers still feature this 'seal of approval' on the bottom.


Your M&S When Steve Sharp joined as marketing director in 2004, after being hired by new Chief Executive Sir Stuart Rose, he introduced a new promotional brand under the Your M&S banner, with a corresponding logo. This has now become the company's main brand in its advertising, online presence and in-store merchandising. The clean fonts and modern colours of the new image are somewhat incongruous alongside the traditional M&S signage and associated fittings that still adorn many of the unmodernised 'core' stores themselves. The only thing in common with the former design is the use of M&S traditional green in the ampersand of the new logo. In 2007, the same typeface used for the new M&S logo was adopted to replace the Optima logo used on product packaging and store fascias since 2000. This new logo is also beginning to appear on new-style sewn in clothing labels and presented in its linear, non-stacked form, complete with lime-green ampersand.

High profile media campaigns M&S has always run newspaper and/or Magazine ads since the early 1950s, but the introduction of some famous stars such as Twiggy and David Jason in various TV ads has helped raise the company's profile. Twiggy first appeared in 1967, returning later in 1995 and 2005. Anne Grierson first featured in adverts during the late 1950s and most of the 1960s. In later years, Erin O'Connor, Myleene Klass, Tanja Nadjila, Peter Kay, David Beckham, Antonio Banderas, Claudia Schiffer,[10] Helena Christensen, Tatjana Patitz, Lisa Snowdon, Dannii Minogue, VV Brown and Carmen Kass have also featured in a few ads, along with many others. John Sergeant, David Jason and Joanna Lumley have either appeared in or voiced over adverts since 2008. The new look has been instrumental in the company's recent resurgence, particularly with the success of a new clothing campaign featuring the celebrated model, Twiggy, and younger models associated with thebohemian styles of 20056, and the new TV ad campaign for its food range. These adverts have the tag-line This is not just food, this is M&S food and feature slow motion, close-up footage of various food products, described in a sultry voiceover by Dervla Kirwan, to an enticing instrumental song most notably Fleetwood Mac's "Albatross" as well as Santana's "Samba Pa Ti", Groove Armada's "At the River" orSpandau Ballet's "True". These adverts have been referred to by both fans and critics as being food porn, with a number of other companies copying the idea, such as Aldi and, most recently, Waitrose.[65] The 2009 TV advertising campaign drew complaints, leading to national press coverage, regarding sexism. It was confirmed that Minogue would be one of the new faces of Marks and Spencer. She filmed her first commercial in South Africa, which featured Cheryl Lynn's Got To Be Real, for their Spring campaign that aired 24 March 2010.She starred along side Twiggy, Lisa Snowdon, VV Brown and Ana Beatriz Barros. Minogue didnt feature in the Autumn ad due to her pregnancy, she did feature in the Christmas ad withPeter Kay which featured the Bee Gees You Should Be Dancing Dannii travelled to Miami, Florida in January 2011 to shoot the commercial for M&S for the 2011 Spring collection, prior to her contactutal termination.


Target consumer of mark and spencers

Womens wear ->Autograph ->Limited Collection ->Classic Collection ->Indigo Collection ->Autograph Weekend ->Beachwear ->Sportswear ->Per Una. ->Lingerie and hosiery

Childrenswear ->Fancy Dress ->Kids' Bedroom ->Kids' Toys & Games ->Nightwear ->Kids' Shoes ->Babywear



-> Casual Shirts ->Casual Trousers ->Chinos ->Coats & Jackets ->Formal Jackets

>Formal Shirts ->Formal Trousers ->Jeans


Cosmetics and Perfumes Technology Food and drink Homeware


Competitors Position 1 2 3 4 5 6 7 8 9 10 Brand Marks & Spencer Next Arcadia Debenhams Asda Matalan Tesco Bhs New Look John Lewis Total of Top 10 UK Market Sales 2,743 1,708 1,609 1,076 963 776 710 631 552 482 11,250 26,911 Market Share (%) 10.2 6.3 5.9 4.0 3.6 2.9 2.6 2.3 2.1 1.8 41.8 100.0 Number of Outlets 315 333 1,603 97 215 137 588 163 573 25


The following have served as the Chairman of the company since it was founded: Name Role Salary Bonus Total 18841907: Michael Marks (set up first stall in Leeds in 1884) 19071916: William Chapman. 19161964: Simon Marks (Lord Marks) 19641967: Israel Sieff (Lord Sieff) 19671972: Edward Sieff 19721984: Marcus Sieff (Lord Sieff) 19841991: Derek Rayner (Lord Rayner) 19911999: Sir Richard Greenbury 20002004: Luc Vandevelde 20042006: Paul Myners 20062009: Lord Burns 20092010: Sir Stuart Rose 2010 present: Marc Bolland

Kate Bostock Chief Executive Officer

500,000 175,000


Stuart Rose

Executive Chairman of the Board



Ian Dyson

Group Finance & Operations Director



Steven Sharp Executive Director of Marketing, E-commerce, Store Design & Development



The former WH Smiths Chief Financier, Alan Stewart became the Financial Director of M & S just after Marc Bolland arrived.


History 1884 1907 1884 : Michael Marks, a Russian born Polish refugee opened a stall at Leeds Kirkgate Market. 1893 : Michael moved to 20 Cheetham Hill Road, Manchester. In the following year, he opened a shop in the lower part of the same building. 1894 : Michael formed a partnership with Tom Spencer, a former cashier from the wholesale company IJ Dewhirst. 1901 : A new warehouse and head office opened at Derby Street, Manchester. It was the first property that was built to the businesses specifications. 1904 : The business acquired premises for a shop at the recently opened Cross Arcade in Leeds. This was a prestigious site and marked the transition from market stall to a covered arcade. 1905 : Tom Spencer died on 25 July. 1907 : Michael Marks died on 31 December. It was now time for a new generation to advance the success of the two founder 1908 - 1931 1920s : The business adopted a revolutionary policy, at that time, of buying directly from manufacturers. 1926 : Marks & Spencer Limited became a public company. 1928 : The St Michael Trade Mark was registered. 1930 : The flagship store was opened at Marble Arch, London. 1931 : A food department was introduced selling produce and canned goods. 1932 - 1955 1930s : Caf Bars were introduced in many stores. These provided cheap, hygienic and nutritious mass catering. This was a valuable resource during the war making efficient use of scarce food. 1933 : Simon Marks commissioned Flora Solomon to set up a staff welfare service that provided pensions, subsidised staff canteens, health and dental service, hairdressing, rest rooms and camping holidays. 1934 : A scientific Research Lab was established headed by Dr Eric Kann. This was the first research lab of any British retailer, allowing the Company to pioneer new fabrics. 1939-1945 : The advent of the Utility Clothing Scheme in wartime meant that there were strict specifications on the use of materials and trimmings for all clothing. One of our scientists was seconded to help develop the scheme to produce a range of quality garments throughout the period of restriction. 1941 : Marks & Spencer staff raised funds in order to present a Spitfire 'The Marksman' to the country, to aid the war effort. 1948 : Marks & Spencer held their first self-service trial at their store in Wood Green, London. It was a great success.


1956 - 1979 1959 : The company introduced No Smoking rules in their stores. 1961 : Dogs, with the exception of Guide Dogs, were banned from stores to ensure hygiene at the food counters. 1964 : Simon Marks died after 56 years service to the Company and Israel Sieff took over as Chairman. 1973 : The company sold wine for the first time. 1974 : Indian and Chinese food was introduced, dishes included Chicken Korma and Lamb Rogan Josh. 1975 : Marks & Spencer's first stores in Continental Europe opened in Boulevard Haussman, Paris and Brussels, Belgium. 1980 - 2001 1985 : The Marks & Spencer Chargecard was launched nationally. 1986 : Marks & Spencer opened its first edge of town store at the Metro Centre in Gateshead. The introduction of furniture was supported by the launch of the Home Furnishing catalogue. 1988 : The company acquired Brooks Brothers, an American clothing company and Kings Super Markets, a US food chain. The first Marks & Spencer stores were opened in Hong Kong, also in this year. 1999 : The company published its own code of practice Global Sourcing Principles as a minimum standard for all suppliers in an effort to improve conditions for workers overseas. 1999 : Online shopping was launched on the Marks & Spencer website. 2000 : 12 items were awarded Millennium Product status, the highest number of awards made to any single company. These included Body Sensor Hosiery, Machine Washable Wool Tailoring, Non-Iron Cotton Clothing, Non-Polish Shoes, Imagemaster, Gas Powered Lorries, In-Store Bakery Oven, Thermotext Security Thread in Gift Vouchers, Advanced Design Refrigerator Display Case, Ultimate Body Bra, Sensitive Skin Clothing for Children and Secret Support clothing. 2000 : The 'Count On Us' range of food products was launched. 2000 : 15 million was raised via the Marks & Spencer Children's Promise Millennium appeal. 2001 : Machine Washable suits for men and the Bioform Bra were launched. 2001 : The Portrait of the Nation - commissioned on behalf of Marks & Spencer as sponsors of the self portrait zone at the Millennium Dome - began a tour of the country. The 15 panels displaying 250,000 photographs were created by artist David Mach R.A.